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E-money exchange rating

Bitcoin miner Core Scientific Has More Than 100% Upside – BTIG

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Bitcoin miner Core Scientific Has More Than 100% Upside - BTIG

Core Scientific (CORZ) is one of the largest vertically integrated Bitcoin (BTC) mining companies in North America, said BTIG analyst Gregory Lewis, initiating coverage with a buy rating and $18 price target.

E-money exchange rating
  • Vertically integrated, said Lewis, means Core owns not just mining rigs, but the infrastructure to host such rigs for both itself and others. The company came public last month through a merger with SPAC Power & Digital Infrastructure Acquisition.
  • At about 7.5 EH, or roughly 3.8% of global hash capacity, Core already operates the most hash among its publicly traded peers, said Lewis. With another 7.5 EH scheduled to come online later this year, the company’s global market share could rise to 4-5%. Core also has a diversified infrastructure footprint, with seven locations across the U.S., and another two under construction.
  • Another selling point is the company’s hosting business for third-party miners (currently at about 7.1 EH) – it’s a source of stable revenue which should enable a lower cost of capital than peers, said Lewis, initiating coverage with a buy rating and $18 price target, or more than a double from the current price of $7.90.

Read more: Core Scientific Mined Over 1K Bitcoin in December, Nearly 6K in 2021

Bitcoin miner Core Scientific Has More Than 100% Upside - BTIG

Source

E-money exchange rating
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